| Company: | Transocean Ltd |
| Ticker Symbol: | RIG |
| Class Period: | Aug-5-09 to May-7-10 |
| Date Filed: | May-14-10 |
| Lead Plaintiff Deadline: | Jul-13-10 |
| Court: | Eastern District of Louisiana |
| Allegations: | |
Transocean is an international provider of offshore contract drilling services for oil and gas wells around the globe. The Complaint alleges that defendants made false and misleading statements and omitted to disclose material information during the Class Period concerning the Company's deficient safety efforts, the heightened hazards associated with the blowout preventers aka "BOPs" used by the Company, the likelihood that the equipment required to drill at depths such as those encountered by the Deepwater Horizon would likely render Transocean's safety protocols, including the BOPs, ineffective; and the Company's significant exposure to liability as a result of these unmitigated hazards, which caused Transocean's publicly traded securities to be artificially inflated during the Class Period.
Defendants claimed that they had remedied past safety problems and were closely monitoring the Company's equipment, while omitting to disclose material information concerning Transocean's safety failures and recurring BOP issues. Defendants misled investors by concealing that the Company was unable to eliminate BOP issues and had not rectified the prior BOP failure. As a result of defendants' false statements, Transocean's common stock traded at artificially inflated prices during the Class Period, reaching a high of $94.88 per share on January 4, 2010.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
